Big Money, Day Traders Both Love Japan Tech Darling Mercari

(Bloomberg) — Mercari Inc., the online flea-market operator that has become one of Japan’s most closely watched tech ventures, is closing in on new highs as the stock has drawn both big and small money.

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The company has already grown to command the largest weighting on Japan’s startup-focused Mothers index as individual investors buy in — of some 230 of the largest Japanese companies with market value of over $5 billion, Mercari has the third-highest percentage of individual shareholders. Then on Oct. 7, Los Angeles-based money manager Capital Group declared it had taken a 5% stake in Mercari.

That’s helping propel the stock to near the 6,000 yen mark it hit just once, on the day it listed to great fanfare in 2018. After a rapid decline, the stock has worked its way back up this year, fueled by its first quarterly operating profit. That’s been helped by

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